Termination of Production Sharing Contract

    TSX: PBC

    MONTREAL, Feb. 10 /CNW Telbec/ - PEBERCAN INC. (The "Company"), (TSX:
PBC) Pebercan announces that its Cuban subsidiary, Peberco Limited, received
the net lump sum payment of 140M US$ from the Cuban Authorities in connection
with the termination, by the Cuban Authorities, of the Production Sharing
Contract and payment of amounts owed to Peberco Limited for the sale of crude
    Contrary to what had previously been announced, the resulting
depreciation of assets will be recognized by the Company in its financial
statements for the year 2008.
    The Board of Directors of the Company will convene as soon as possible in
order to consider the Company's future prospects.
    Pebercan's interim consolidated financial statements and management
report for the period ended December 31, 2007 are available on our Web site at
www.pebercan.com, as well as on SEDAR at www.sedar.com.

    Pebercan is involved in the exploration, development and exploitation of
oil reserves in the Republic of Cuba. Pebercan sells its entire production to
the Cuban government but is not bound by any restrictions regarding the sale
of its oil. The Company's shares are listed on the TSX and trade under the
symbol PBC.

    Legal Notice - Forward-Looking Statements

    Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. We consider that these forward-looking
statements are reasonable given the hypothesis on which they are based and
which the Board of Directors of the Company has reviewed and ascertained as
being well founded. Pebercan disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Important additional information
identifying risks and uncertainties is contained in the Company's most recent
annual and interim reports and forms filed with the applicable Canadian
securities regulatory authorities.
    %SEDAR: 00004118E c7211

For further information:

For further information: RENMARK Financial Communications Inc.,
www.renmarkfinancial.com; Henri Perron, hperron@renmarkfinancial.com; Dan
Symons, dsymons@renmarkfinancial.com; Montreal, (514) 939-3989, Fax: (514)
939-3717; Toronto, (416) 644-2020, Fax: (416) 644-2021; PEBERCAN Inc.:
Christophe Ranger, cranger@pebercan.com, (514) 286-5200, Fax: (514) 286-5177

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890